The End of Economics

The idea of the company or fractionalized equity was heresy. It was indemnification saying I want to set up a limited liability company with indemnification rights, like that was seen as a social evil. They tried to ban it, you know, decentralized finance essentially. And that's why at the time, again, like in the medieval context, you were locked out of opportunities and you can now be a farmer and run your own farm but you're not going to work for someone else who has asymmetric upside.

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